Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Form 3-Initial Statement of Beneficial Ownership of Securities
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This notice proposes extending the use of Form 3 for reporting beneficial ownership of securities by insiders such as directors, officers, or significant shareholders. The Securities and Exchange Commission aims to continue this data collection to prevent insider trading and seeks public comments on the workload and utility of the required reports.
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Key Changes
- Extends the requirement for insiders to file Form 3
- Maintains reporting to prevent insider trading
- Solicits public comments on form utility and burden
Obligations
What this law requires
Persons owning more than 10% of any class of registered equity security must file Form 3 to disclose their beneficial ownership.
Directors and officers of the issuer of a registered security must disclose their ownership of the issuer's equity securities by filing Form 3.
Individuals required to file Form 3 must report once per year on their beneficial ownership of securities.